Richard Watkinson brings a new style of auction

Richard Watkinson & Partners long standing and successful regional auction team has developed in to a new style of auction, which delivered strong results at their latest auction at the Bentley Hotel, Lincoln.

In Partnership with East Midlands Property Auction, Richard Watkinson & Partners has rebranded and formed part of a new regional auction service that aims to improve the way auctions deliver results.

Taking the primary principals and benefits of auction, a transparent method of sale, with the seller benefiting from the security of a non-refundable deposit, and a fixed time scale for exchange and completion, the modern method of auctions aims to develop this and assist the purchaser too, extending the usual exchange and completion provisions and allowing a longer period to ensure finance can be obtained, combined with a smaller deposit to widen the accessibility of auction property.

Richard Watkinson, Partner at Richard Watkinson & Partners commented: “We have one of the most successful and long standing East Midlands auctions and are constantly looking at ways that we can develop this, adapting to changing market conditions and ways that we can make auction a more successful method of sale for both sellers and purchasers”

The modern method of auction is similar to traditional auction and the advantages this has, including online bidding and national online coverage, however a buyer has 28 days to exchange and 28 days thereafter to complete, allowing them a greater time period to obtain finance, a problem that many buyers faced with the traditional method, combined with a five per cent deposit rather than 10 per cent making auction property open to a much wider market. For the seller, they have the security of a deposit and the average time for sale is still only five weeks, however the primary benefit is zero per cent commission.

Alistair Smith added: “The auction shows that the market is very receptive to the modern method of auction. We are always responsive to new ways of selling that can assist both sellers and buyers and the early signs from the modern method of auction are certainly positive.

“We will be holding auctions on a regular basis with the next auction planned for Tuesday 10th July. Anyone interested in selling their property by this method, or requiring further information is welcome to contact Alistair Smith at the Mansfield branch at 1 Albert Street, Mansfield or on 01623 626 990. Further information can be found online at our newly revamped website www.richardwatkinson.co.uk or download our new iphone app now”.